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Take a chance on trust

Wednesday, February 15, 2012

Opening up and taking a chance on a new company can be scary. You’ve been hurt before and don’t want to go down that road of headaches and battles that often result in a low fee, if you get paid at all. But that company that extended its hand to you most likely understands your trepidation.

A national mortgage company has reached a settlement
with regulators over charges that it improperly charged settlement fees
related to its appraisal affiliated business. The company has agreed to
pay more than $10 million to settle the charges. Read on to find out why
the regulators thought the appraisal fees were improper.

Loud and clear, appraisers and appraisal groups by the hundreds wrote to the Consumer Financial Protection Bureau over the past two weeks. The main topic of discussion was the desire to separate appraisal fees and AMC fees on the new disclosure forms that will be used once the TILA-RESPA Integrated Disclosure rules take effect. Read on to find out what industry leaders had to say.